SBA Releases PPP Loan Forgiveness Application

Published on: 05/18/2020 By: Gorfine, Schiller & Gardyn

On Friday, May 15th, the SBA released the application form that borrowers should use to apply for forgiveness on their PPP funds they received. Highlights of the form include:

  • When the 8 week period begins to count expenses disbursed from the funds to credit towards forgiveness
  • What payroll expenses count towards the eligible expenses
  • How to calculate the full time equivalent (FTE) of employees
  • Inputs for Business mortgage utility payments
  • Inputs for Business rents or lease payments
  • Inputs for Business utility payments

The form also includes instructions for what documentation will need to be submitted with the application form, in order to support the expenses shown.

It is expected that there will be additional clarification from the SBA as this process continues. GSG will update our clients and friends as this information becomes available. In the meantime, please be sure to contact us with any questions or visit our COVID-19 Resource Center for additional resources.